Naira Further Falls to N395.50/$1 at I&E Window

By Adedapo Adesanya, Ahmed Rahma

The Naira further weakened against the US Dollar by 0.13 per cent or 50 kobo at the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Wednesday.

During the midweek trading session, the Nigerian currency traded at N395.50/$1 in contrast to N395/$1 it traded at the preceding day.

It was observed that the shortage of FX contributed to the decline suffered by the local currency as the demand reduced by 26.6 per cent or $18.66 million to N52.59 million from the previous day’s N71.25 million.

But at the parallel market, the value of the Naira to the Dollar remained unchanged at N480/$1 and further traded flat against the British Pound Sterling and the Euro at N655/£1 and N580/€1 respectively.

It was the same scenario at the Bureaux De Change (BDC) segment of the market as the domestic currency traded flat against the greenback at N395/$1.

Similarly, the value of the Naira remained unchanged against the US Dollar at the interbank window at N379/$1 on Wednesday.

Meanwhile, at the cryptocurrency market yesterday, prices of the seven digital currencies tracked by Business Post closed mixed as only one depreciated. This was the US Dollar Tether (USDT), which went down by 0.7 per cent to N483.86.

But the Bitcoin gained 4.6 per cent to trade at N18,090,899.20, the Ethereum (ETH) grew by 9.8 per cent to sell at N809,200, Dash (DASH) gained 5.3 per cent to quote at N55,800, the Tron (TRX) rose by 2.9 per cent to sell for N16.70, the Litecoin (LTC) appreciated by 0.1 per cent to trade at N73,798.98, while the Ripple (XRP) improved its value by 1.1 per cent to settle at N189.98.